The Securities and Exchange Commission (SEC) has announced the appointment of Judge Margaret “Meg” Ryan as Director of its Division of Enforcement, effective September 2, 2025. This transition will see Sam Waldon, currently serving as Acting Director of Enforcement, return to his previous role as Chief Counsel for the Division.
SEC Chairman Paul S. Atkins expressed his enthusiasm for Judge Ryan’s upcoming tenure, stating, "I am thrilled to welcome Judge Ryan to the SEC.” He emphasized her extensive experience, noting, "She brings to the Commission decades of experience as a respected judge and practitioner of the law. She is fulfilling a critical role. Judge Ryan will lead the Division guided by Congress’ original intent: enforcing the securities laws, particularly as they relate to fraud and manipulation.”
Chairman Atkins also extended his gratitude to Sam Waldon for his dedicated service as Acting Director since January. He added, "I am very pleased that he will continue serving at the Commission in the critical role of Chief Counsel for the Enforcement Division. His good judgement and knowledge of the securities laws serve the SEC very effectively.”
Judge Ryan brings a distinguished legal career to her new position. She previously served as a senior judge on the United States Court of Appeals for the Armed Forces, a role to which she was nominated by President George W. Bush in 2006 and confirmed by the United States Senate. She completed her term in July 2020, reaching senior status the following month. Currently, she is a lecturer on military law and justice at Harvard University Law School, and has held visiting professorships at Notre Dame Law School and lectured at The George Washington University Law School.
In response to her appointment, Judge Ryan commented, "It is my honor to join the Commission as Director of the Division of Enforcement." She articulated her commitment to the SEC’s core objectives: "I look forward to joining the Commission in its important work to ensure that the Division is true to the SEC’s mission in taking action on behalf of investors harmed by those who break the securities laws and providing an effective deterrent against fraudulent and manipulative activities in our financial markets."
Before her judicial appointment, Judge Ryan was a partner at two prominent law firms, Wiley Rein & Fielding and Bartlit Beck Herman Palenchar & Scott. Her early career included prestigious clerkships for Supreme Court of the United States Associate Justice Clarence Thomas and Judge J. Michael Luttig of the United States Court of Appeals for the Fourth Circuit.
Her professional journey began with military service in the U.S. Marine Corps (USMC), where she initially served as an active-duty communications officer, including deployments to the Philippines and during Desert Shield/Desert Storm. She later became a judge advocate in the USMC and served as aide-de-camp to Marine Corps Commandant General Charles C. Krulak from 1997 to 1999. Academically, Judge Ryan holds a B.A. cum laude in political science from Knox College and a J.D. summa cum laude from the University of Notre Dame Law School, where she graduated first in her class and was an editorial board member of the Notre Dame Law Review. She is an elected member of the American Law Institute.
Mr. Waldon has served as Acting Director of the Division of Enforcement since January 2025. Prior to this, he held the positions of Acting Deputy Director and Chief Counsel. Before rejoining the SEC, he was a partner at the law firm Proskauer Rose LLP. His previous tenure at the SEC included roles as Enforcement’s Assistant Chief Counsel from 2010 to 2018 and as an investigative attorney from 1996 to 1998.